New business down at Hargreaves Lansdown as Woodford scandal bites August 8, 2019 Hargreaves Lansdown has seen a drop in net new business as the impact of the Neil Woodford saga on the investment provider begins to become clear, but revenues and assets under administration still rose. The numbers Hargreaves Lansdown reported a four per cent drop in net new business for the year ending 30 June, which [...]
Burford left reeling as shortseller takes aim at business August 8, 2019 Shares in London-listed litigation funder Burford Capital crashed 45 per cent yesterday following a scathing report from shortseller Muddy Waters. The incendiary document confirmed that Muddy Waters now holds a short position on Burford, which it described as “a poor business masquerading as a great one”. Read more: Shares crash as short seller Muddy Waters savages [...]
Shares crash as short seller Muddy Waters savages Burford Capital August 7, 2019 Litigation finance firm Burford Capital has come under attack from short seller Muddy Waters, which has accused Burford of “egregiously misrepresenting” returns. In a report out this morning, Muddy Waters confirmed that it now holds a short position on Burford, which it describes as “a poor business masquerading as a great one”. Shares in the [...]
Hargreaves Lansdown CEO and executives waive bonuses in wake of Woodford scandal August 7, 2019 Four executives including the chief executive of Hargreaves Lansdown will surrender their bonuses this year following pressure over the company’s support for Neil Woodford’s flagship fund. Hargreaves Lansdown continued to recommended Woodford’s equity income fund right up until it was suspended on 3 June after becoming overwhelmed by investor withdrawals. The gating of the fund [...]
Burford Capital attacks short sellers as shares plunge 40 per cent August 7, 2019 Burford Capital has accused short sellers of spooking investors as its share price entered freefall for the second day in a row this morning. Shares in the litigation finance company dropped 20 per cent yesterday, and have continued their plunge today. Read more: Burford Capital snipes back at critical analysts Burford Capital’s share price was [...]
Standard Life Aberdeen profits down despite asset increase August 7, 2019 Standard Life Aberdeen has seen a modest increase in assets under management and a slow in outflows but this has failed to stop its profits from dropping in the first half. The figures The asset manager reported adjusted pre-tax profits of £280m for the first half of the year, down from £311m for the same [...]
When the fund stops: Why times are tough for UK asset managers August 6, 2019 It’s been a difficult year for the UK investment industry, and things could get worse before they get better. Fallout from the Woodford saga and increasing fears of a no-deal Brexit are continuing to pummel asset managers as they try to stem ongoing outflows. And with regulatory pressure ramping up, they are facing questions not [...]
InterContinental’s first-half room revenue inches up August 6, 2019 InterContinental Hotels has reported a slightly increased first-half room revenue, but a drop in business travellers in China and protests in Hong Kong have dented demand in the region. The figures The FTSE100 group, which owns brands including Holiday Inn and Crowne Plaza, said revenue per available room (RevPAR) rose 0.1 per cent during the [...]
Legal giant Gordon Dadds to rebrand as The Ince Group August 6, 2019 Listed law firm Gordon Dadds is rebranding as The Ince Group, following its recent acquisition of shipping law firm Ince & Co. The firm announced the change in a statement this morning, saying the new name “will better reflect the main trading name of the group’s commercial and disputes practice in London together with the [...]
Calls for clearer warnings of Woodford-style fund suspension risks August 5, 2019 Investors should be given clearer warnings about the risks of investing in funds that could suspend withdrawals, industry professionals have said. Neil Woodford’s equity income fund suspended trading in June after becoming overwhelmed by withdrawals, but it has been suggested that investors may not have understood that the fund could be suspended, leaving them unable [...]
